Market Lab Report - Premarket Pulse 3/30/16
Major averages put in a strong showing yesterday on higher volume with the NASDAQ Composite nearly reaching its 200-day moving average. The NASDAQ 100 Index was able to clear its 200-day line as big-cap names were strong, but it was the Russell 2000 that stole the show, with a 2.67% gain.
The rally was sparked by comments from Fed Chair Janet Yellen who said that financial conditions and the global economy are less favorable than they were in December which suggests the Fed will be putting off any rate hikes for the foreseeable future.
Electronic mortgage origination service provider Ellie Mae (ELLI) had a pocket pivot. It has shot higher on its last five earnings reports. Pretax margin 25.4%, institutional sponsorship has grown over the last 5 quarters, group rank 65.
Facebook (FB) had a pocket pivot breakout. Earnings and sales are accelerating, pretax margin 55.6%, institutional sponsorship has grown in every quarter since the company went public, group rank 55.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.